An Orrick team represented the underwriters in the $80.6 million initial public offering of online lender Elevate Credit, Inc. UBS Securities LLC, Credit Suisse Securities and Jefferies LLC served as joint book-running managers on the transaction.
Fort Worth-Texas based Elevate announced an IPO of 12,400,000 shares of common stock priced at $6.50 per share. In addition, Elevate has granted the underwriters a 30-day option to purchase up to an additional 1,860,000 shares. Elevate offers lending solutions to nonprime customers, to date originating $4 billion in credit to consumers in the United States and U.K.
Orrick’s team advising the underwriters on the IPO was led by partner Andy Thorpe. In addition to Andy, the team included partner Peter Lamb and associates Kenneth Marx, Ahalya Sri Hildreth and Conner Pine.
Orrick is often a leading adviser on major tech industry transactions. Our clients include more than 1,600 growth companies in markets around the world, and we regularly partner with the most active venture capital firms, incubators and investment banks in the market.